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The Bureau of Economic Analysis (an arm of the United States Government) recently released the information for the Total Personal Income (TPI) in 2014.
Interesting how Virginia Beach/Norfolk effectively doesn't deviate from its position at all.
Yeah, it pulls its weight across the board. That is the minimum everyone should expect out of their cities (to pull their weight). Good work for that region, this one is actually a very important metric. It is the sister metric to Gross Domestic Product (GDP), they are the two different sides of the same coin.
Gross Domestic Product (GDP) shows the collective value and wealth of the overall economy based in the area. Total Personal Income (TPI) shows the collective value and wealth of the overall human population that lives in the area.
Yeah, it pulls its weight across the board. That is the minimum everyone should expect out of their cities (to pull their weight). Good work for that region, this one is actually a very important metric. It is the sister metric to Gross Domestic Product (GDP), they are the two different sides of the same coin.
Gross Domestic Product (GDP) shows the collective value and wealth of the overall economy based in the area. Total Personal Income (TPI) shows the collective value and wealth of the overall human population that lives in the area.
IIRC, I recall a study that people in Virginia Beach are some of the hardest workers in America (by hours worked). I imagine if some high-paying industries (a lot of the work is blue-collar) started locating there, it'd turn into an economic powerhouse.
IIRC, I recall a study that people in Virginia Beach are some of the hardest workers in America (by hours worked). I imagine if some high-paying industries (a lot of the work is blue-collar) started locating there, it'd turn into an economic powerhouse.
How is the seaport in the region; expanding, upgrading, and growing? With the current value of the dollar and Virginia Beach/Norfolk's location on the coast, I'd imagine the seaport industry is expanding as imports begin rising. I know the region actually has a solid logistics base, in particular railroads, which also means that it probably has lots of warehouses and storage areas for goods that are imported or in the process of being exported via sea.
Population Base for Combined Statistical Areas (CSAs) in 2014: 1. New York: 23,632,722
2. Los Angeles: 18,550,288
3. Chicago: 9,928,312
4. Washington DC-Baltimore: 9,546,579
5. San Francisco Bay Area: 8,607,423
Top 5 Combined Statistical Areas (CSAs) by Total Personal Income (TPI), 2014: 1. New York: $1.455 Trillion
2. Los Angeles: $863.453 Billion
3. San Francisco Bay Area: $567.286 Billion
4. Washington DC-Baltimore: $560.204 Billion
5. Chicago: $498.126 Billion
Per Capita Total Personal Income (TPI) by Combined Statistical Area (CSA), 2014: 1. San Francisco Bay Area: $65,907
2. New York: $61,546
3. Washington DC-Baltimore: $58,681
4. Chicago: $50,172
5. Los Angeles: $46,547
Another interesting thing is that Houston often gets touted as punching above its weight, but it's position doesn't change. So it pulls its own weight no doubt, yet Dallas punches lower for its population, so its hard to say. Houston is a unique metro for sure, yet it just might be a good standard for a Population/TPI ratio.
How is the seaport in the region; expanding, upgrading, and growing? With the current value of the dollar and Virginia Beach/Norfolk's location on the coast, I'd imagine the seaport industry is expanding as imports begin rising. I know the region actually has a solid logistics base, in particular railroads, which also means that it probably has lots of warehouses and storage areas for goods that are imported or in the process of being exported via sea.
Seaport's expanding, for sure. They're building an entirely new wharf or whatever on Craney Island- it's the largest port expansion project in the US. If I recall correctly, it'll double the Port of Virginia's TEU-handling capabilities.
Case in point once again at the DC region punching above its weight.
Yep! Richmond, too, which is 25th in per capita TPI...
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